New condominium proposed for Lancaster young professionals

Are wallets big enough to afford cost?

“My apartment now is older; it has big wood planks with plaster walls, a lot of architecture with it,” said Ian Montgomery.

Montgomery is one of thousands of young professionals living in downtown Lancaster. Finding a new building to live in wasn’t so easy, or affordable.

“I didn’t have a lot of furniture or money to decorate it,” said Montgomery.

But for the first time since 1982, an entirely new 13-unit condominium project is being proposed for the city.

It’s new because it’s being built from the ground up, not restored or renovated like many other recent projects.

It would be at the corner of North Duke and East Chestnut streets. Magnolia Place will target the many who are moving into the city, ditching that suburban home or those 20-somethings taking a new job.

“You always need a new product, you always need to add something to hit someone’s interest,” said Randy Patterson, director of economic development.

While this location where the condominiums are proposed to be built may attract young professionals, what it may come down to is the price.

“The market here can handle somewhere between $250,000 and $400,000. It really depends on who you’re trying to bring,” said Patterson.

That’s a price range hard to swallow for those just starting out. Patterson said there’s no shortage of housing for young professionals in the city, but with the population expected to grow, it’s these new projects that he says will continue to pop up, ready to welcome new residents.

Something to keep in mind: Patterson said with more demand could come higher prices.

There is no set price yet for the new condominiums. The project also still needs to go through the city planning commission for approval. If all goes well, city officials said the project could be completed by September 2014.

Copyright 2013 byWGAL All rights reserved. This material may not be published, broadcast, rewritten or redistributed.